USD/JPY Bullish Breakout above Bull Flag Pattern at 110
USD/JPY
4 hour
Yesterday the USD/JPY broke as expected above the 110 resistance (dotted red) of the bull flag chart pattern. Price has continued with its bullish extension in wave 3 (brown) and has now arrived at the 261.8% Fibonacci target which could create a potential retracement.
1 hour
The USD/JPY breakout above resistance (dotted red) has reached a main Fibonacci target and is therefore at a bounce or break spot.
EUR/USD
4 hour
The EUR/USD broke above the resistance trend line (dotted red) and has hit the first target at 1.0950. The second target is the psychological round level of 1.10. A break above that could see the EUR/USD extend towards the 78.6% Fibonacci level of wave 2 (green).
1 hour
The EUR/USD bullish breakout confirmed that the expected wave 4 and 5 (pink) were correct. Price is now stopping at 1.0950 but a new breakout above the trend lines (dark red) could see price challenge 1.10, which is a new resistance level and a bounce or break spot. Bears could probably better wait for price to break below the support trend line (blue).
GBP/USD
4 hour
The GBP/USD bull flag chart pattern (red/blue lines) remains intact as long as price stays in between those levels. A break above resistance (red) could see price challenge the next Fibonacci level whereas a break below support (blue) could find a bounce at 1.27 support.
1 hour
The GBP/USD has respected the 38.2% Fibonacci retracement level but a break below the 61.8% Fibonacci level invalidates wave 4 (purple). A break above the bull flag (red) could see a wave 5 (purple) develop.
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GBP/USD Triangle Chart Pattern Emerges around 1.29
GBP/USD
4 hour
The GBP/USD is building a contracting triangle chart pattern within a trend channel (red/green) which is taking place in wave C (orange). A bounce at the support trend line (green) could see price continue towards the Fibonacci targets of wave 5 (purple) whereas a break below support (green) could see price correct back to the previous support (blue).
1 hour
The GBP/USD has retraced back to the 50% Fibonacci level of wave 4 (pink), which could be confirmed if price breaks above resistance (red) and invalidated if price breaks below the 61.8% Fibonacci level.
EUR/USD
4 hour
The EUR/USD is in a consolidation pattern which is best indicated by the support (blue) and resistance (red) trend lines. A bullish break above resistance (red) would indicate a potential uptrend continuation towards the 78.6% Fibonacci level of wave 2 (green) whereas a bearish break could start a reversal and indicate the completion of the ABC zigzag (purple).
1 hour
The EUR/USD reversal or retracement pattern is invalidated if price manages to break above the resistance trend lines (red/orange). A larger reversal or correction could take place if price breaks below the support trend lines (blue).
USD/JPY
4 hour
The USD/JPY has completed the wave 4 (brown) correction at the support trend line (green) and is now continuing towards the Fibonacci targets of wave 5 (brown).
1 hour
The USD/JPY broke the contracting triangle (dotted red) chart pattern and a bullish breakout is developing within a wave 5 (brown). A new resistance level (red) needs to be broken before the wave 5 (brown) can continue.
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GBP/USD Retracement within Bull Flag Chart Pattern
GBP/USD
4 hour
The GBP/USD is building a triangle chart pattern (orange/blue) within the uptrend. A bullish break could see price challenge the 1.30 round level and Fibonacci targets whereas a bearish break could start a larger correction or reversal.
1 hour
The GBP/USD broke the support of the mini-channel (dotted green lines) and made a larger correction back to the previous bottom (blue) which could be a new bounce or break spot. The channel trend lines (orange/blue) are indicating a bull flag chart pattern (blue lines).
EUR/USD
4 hour
The EUR/USD consolidation pattern remains intact. A break below the support (blue) or above the resistance (red) trend lines is needed before the pattern is broken. A bullish break could indicate a potential uptrend continuation towards the 78.6% Fibonacci level of wave 2 (green) whereas a bearish break could start a reversal and indicate the completion of the ABC zigzag (purple).
1 hour
The EUR/USD failed to break above the resistance level (red) yesterday and instead built a wave B (orange) correction within a potential wave 4 (pink). The next targets could the psychological even level at 1.10 and the 61.8% Fib target at 1.1050 if price manages to break resistance (red). The wave 4 (pink) remains valid as long as price stays above the 50% Fibonacci level.
USD/JPY
4 hour
The USD/JPY remains in an uptrend channel (blue/red) and is moving up towards the Fibonacci targets of wave 5 (brown). The channel could break bearishly once the 5th wave (brown) is completed.
1 hour
The USD/JPY is probably still in a 5th wave (orange) of a 5th wave (brown) as long as price stays above the support zone (green/blue).
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EUR/USD Reaches 1.1025 after Macron Wins French Presidency
EUR/USD
4 hour
The French Presidential election took place on Sunday 7 May 2017 and saw centrist independent Macron beat far right candidate Le Pen with 66% vs 34%. The result is unique considering that Macron campaigned without a traditional party and with no experience of governing.
The EUR/USD initially saw a bullish reaction to the news but after hitting 1.1025 the EUR/USD turned around and showed a bearish candlestick. Price however is still moving higher in an uptrend channel (blue/red) and a break is needed before a reversal becomes likely.
1 hour
The EUR/USD could have completed the 5th waves (grey/pink) and is potentially building a reversal wave 1-2 (brown). A break above the top and 100% Fib level at 1.1023 would indicate a potential uptrend continuation towards the Fibonacci targets of wave 5 (pink).
GBP/USD
4 hour
The GBP/USD has been unable to break above the resistance (red) of the uptrend channel (red/green). A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.
1 hour
The GBP/USD seems is building a bearish retracement within a potential wave 4 (grey), which would become invalidated if price manages to break below the 61.8% Fibonacci level of wave 4 (grey).
USD/JPY
4 hour
The USD/JPY uptrend could be facing problems if price is building a double top. A break above the top could see the uptrend continue but a break below support (blue) could start a larger bearish correction towards the Fib levels.
1 hour
The USD/JPY seems to have completed the 5th wave (orange) of a 5th wave (brown) and price could be building an ABC (brown) correction. A break below support (blue) could start a larger bearish correction towards the Fib levels.
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EUR/USD Breaks RW and Builds First Bearish Wave
EUR/USD
4 hour
The EUR/USD broke the support trend line (dotted blue) of the rising wedge (RW) reversal chart pattern (red/blue). The bearish breakout could be part of a larger reversal, which is reflected in the 1-2 wave count (brown). The alternative scenario would be a bearish retracement within a larger uptrend continuation, which at the moment would require a break above the top.
1 hour
The EUR/USD wave 4 (blue) respected the shallow Fibonacci level of 23.6% before breaking support (dotted blue) and price has reached the 61.8% Fibonacci target of wave 5 (blue). Price could either retrace as part of wave 2 on 4 hour chart or break the bottom and continue with 5 (blue).
GBP/USD
4 hour
The GBP/USD is moving higher in an uptrend channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.
1 hour
The GBP/USD tested the previous top (green) of wave 1 (grey) but did not break and therefore the wave 4 (grey) could still be valid. A break above resistance (orange) could see a bullish break for wave 5 (grey).
USD/JPY
4 hour
The USD/JPY is building an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines and moving towards the Fib targets of wave 5 (brown).
1 hour
The USD/JPY is extending the bullish 5th wave (brown/orange) with another 5 waves (grey). The wave 4 (grey) is invalidated if price breaks below the 61.8% Fibonacci level.
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USD/JPY Bullish Trend Channel to Challenge 115 Resistance
USD/JPY
4 hour
The USD/JPY continues higher in an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines. Price is moving towards the Fib targets of wave 5 (brown). The next bullish target would be 115, which is a major round resistance level.
1 hour
The USD/JPY bounced at the 38.2% Fibonacci support level of wave 4 (grey). A break above resistance (red) could see price challenge the Fibonacci targets of waves 5.
EUR/USD
4 hour
The EUR/USD break of the support trend line (dotted blue) could indicate the start of a bearish 1-2 wave count (brown). Once wave 1 is completed, the EUR/USD could setup a bullish retracement that challenges the Fibonacci resistance levels of wave 2.
1 hour
The EUR/USD is building a bearish channel (green/red) as part of the wave 5 (blue) of wave 1 (brown).
GBP/USD
4 hour
The GBP/USD is trending higher in a bullish channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal.
1 hour
The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (green) could start a bearish reversal.
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EUR/USD Setups Downtrend Channel within Bearish Wave 1-2
EUR/USD
4 hour
The EUR/USD is in a mini bearish trend channel which is marked by trend lines (red/green). Once wave 1 is completed, the EUR/USD could start a bullish retracement that challenges the Fibonacci resistance levels of wave 2.
1 hour
The EUR/USD break above or below the bearish channel (green/red) will indicate whether price will continue as part of the wave 5 (blue) of wave 1 (brown) or whether price will potentially retrace within wave 2 (brown).
USD/JPY
4 hour
The USD/JPY is approaching the support trend line (blue) of the uptrend channel (blue/resistance). A bearish break could start a larger bearish correction where as a bullish bounce could extend the 5th wave (brown).
1 hour
The USD/JPY wave count will depend on whether price bounces at or breaks through the support trend line (blue). A bounce could indicate that a wave 4 (grey) is still uncompleted. A break means that wave 4 and 5 (grey) are finished.
GBP/USD
4 hour
The GBP/USD is challenging the support (green) line of the bullish channel (red/green). A bearish break could see a larger retracement or reversal whereas a bullish bounce could see price challenge resistance again.
1 hour
The GBP/USD needs to break above the resistance levels (red/orange) before a continuation is likely. A break below support (blue) could start a bearish reversal and continuation of 5 waves (blue).
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US Dollar Completes Wave 1 and Starts Wave 2 Retracement
EUR/USD
4 hour
The EUR/USD indeed completed wave 1 (brown) as expected last week after breaking above the resistance trend line (dotted orange). Price could now be challenging the potential Fibonacci resistance of wave 2 (brown).
1 hour
The EUR/USD could be building an ABC (blue) zigzag within wave 2 (brown) after it broke above the resistance trend lines (dotted orange).
USD/JPY
4 hour
The USD/JPY broke below the support trend line (dotted blue) of the uptrend channel (blue/resistance), which could indicate the completion of the wave 5 (brown). The bearish break could indicate the start of a larger bearish ABC correction (brown).
1 hour
The USD/JPY is building a bearish trend channel (orange/blue lines) after completing 5 bearish waves (brown). Price could now be retracing with a potential wave B (brown).
GBP/USD
4 hour
The GBP/USD broke below the support line (dotted green), which could indicate a larger retracement or reversal such as a wave 1 (green).
1 hour
The GBP/USD broke above the resistance level (dotted orange) after completing 5 bearish waves (blue). Price could now be building an ABC (blue) zigzag within wave 2 (green).
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EUR/USD Bullish Momentum versus 78.6% of Wave-2
EUR/USD
4 hour
The EUR/USD is challenging the 78.6% Fibonacci level of wave 2 (brown) and the round resistance level of 1.10. A bearish reversal could complete wave 2 (brown) and start a wave 3 whereas as bullish break above the 100% level would invalidate wave 2.
1 hour
The EUR/USD could be building an ABC (blue) zigzag within wave 2 (brown) if price stays below the 100% level.
USD/JPY
4 hour
The USD/JPY is struggling to break above the resistance Fibonacci levels of wave B (brown) because the bearish break below support (dotted blue) could indicate the start of a larger bearish ABC correction (brown).
1 hour
The USD/JPY will need to break below the support trend line (green) before a wave C (brown) continuation becomes more likely. A break above resistance (orange) could see price challenge the 78.6% Fib.
GBP/USD
4 hour
The GBP/USD stopped at the 61.8% Fibonacci level of wave 2 (green). A break below the support trend lines (green) could start a larger bearish correction whereas a break above resistance (orange) could see price testing the 78.6% Fib.
1 hour
The GBP/USD break above the 100% Fib invalidates the wave 2 (green) structure.
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EUR/USD Breaks Above 1.10, USD/JPY Confirms Bearish ABC
EUR/USD
4 hour
The EUR/USD broke yesterday’s Fibonacci resistance levels and resistance trend lines (dotted red) which was an invalidation level for the bears and a confirmation level for the bulls. The wave count is now reflecting the bullish structure with an ABC (blue). Price is already attempting to break a bigger Fib (78.6%), which could indicate a continuation potential to the 88.6% at 1.1190.
1 hour
The EUR/USD broke above the resistance trend lines (dotted orange) and extended the bullish momentum. The strength of the impulse is indicating that the current push up is most likely a wave 3 (purple) which might be even completed yet. Price could move towards the Fibonacci targets first of wave 5 (pink) but eventually a wave 4 and 5 (purple) seem likely.
USD/JPY
4 hour
The USD/JPY indeed is completing an ABC (brown) zigzag correction as expected at the beginning of this week. Price is moving towards the Fibonacci targets of wave C (brown).
1 hour
The USD/JPY is building a wave 3 (orange), which could potentially still see further bearish extensions towards the Fibonacci targets of wave 3 (orange). A wave 4 (orange) correction is expected when the wave 3 is completed.
GBP/USD
4 hour
The GBP/USD stopped at the 78.6% Fibonacci level of wave 2 (green). A break below the support trend line (green) could start a larger bearish correction whereas a break above resistance (orange) could see price make a bullish break. The bullish break however would probably create double divergence.
1 hour
The GBP/USD break above the 100% Fib invalidates the wave 2 (green) structure and confirms a bullish continuation potential for one more push higher.
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EUR/USD Bullish Momentum Explained by 3rd Wave
EUR/USD
1 hour
The EUR/USD bullish momentum continued strongly yesterday breaking above 1.11 and heading towards the next round level of 1.12. The bullish push can be explained by the wave 3 pattern (purple) which is known for its strong momentum. The bullish momentum could now however reach a moment where it will be retracing for a corrective wave 4 (purple). The Fibonacci levels of wave 4 could act as support.
4 hour
On one time frame higher the EUR/USD could be building an ABC (blue) zigzag which could face resistance at the 88.6% Fibonacci level.
USD/JPY
4 hour
The USD/JPY continued with the ABC (brown) zigzag correction yesterday, which has reached the 61.8% Fibonacci level (of the 5 waves (brown)). This could cause a retracement.
1 hour
The USD/JPY bearish third wave 3 (orange) seems to have reached a support level which could cause a wave 4 (orange) correction. The Fibonacci levels of wave 4 (orange) are therefore potential resistance levels.
GBP/USD
4 hour
The GBP/USD remains in an uptrend channel (red/green) and price is challenging the top (red). Price poked through the previous top and hence a bullish wave 5 (orange) seems more likely at this moment.
1 hour
The GBP/USD break above resistance (red) could see a wave 3 (purple) develop whereas a break below support (blue) could see price continue within the correction.
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EUR/USD Loses Steam with Conclusion Wave-3 and Start Wave-4
EUR/USD
1 hour
The EUR/USD bullish momentum of wave 3 (purple) ran out of steam yesterday and started a wave 4 (purple) correction. Price has in the meantime retraced back to the Fibonacci levels of wave 4 which could as potential support and bounce levels.
4 hour
The EUR/USD could be retracing towards the 88.6% Fibonacci level of wave 2 (green) via an ABC zigzag (blue).
USD/JPY
4 hour
The USD/JPY indeed bounced at the golden ratio Fib of 61.8% level. Whether the wave C (brown) is still open or has been completed remains to be seen. Lower Fibonacci levels however also remain potential support spots.
1 hour
The USD/JPY completed the wave 3 (orange) and has made a significant retracement back to the 38.2% Fib of wave 4 (orange) which could act as resistance. A break above the 61.8% Fib makes a wave 4 unlikely.
GBP/USD
4 hour
The GBP/USD made one more push higher to test the top (red) of the bullish channel (green/red), which in turn created a strong bearish reaction. Whether price will build a wave 1-2 (grey) depends on whether price is able to break below the channel. A break above the 100% level indicates the invalidation of wave 2 and the potential for an uptrend continuation.
1 hour
The GBP/USD broke above the resistance (dotted orange), made one more push up as part of wave 5 (purple), and then reversed an broke below support (dotted blue).
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USD/JPY Triangle Pattern Visible at 110 and 61.8% Golden Ratio
USD/JPY
4 hour
The USD/JPY bounced at the golden ratio Fib of 61.8% level and it seems likely that the wave C (brown) has been completed once price breaks above the smaller resistance trend line (orange). A break above or below the small contracting triangle chart pattern (green/orange) could play a key role in a push towards the 78.6% Fib or next resistance (red).
1 hour
The USD/JPY could however first build a wave 4 (orange) correction and a wave 5 (orange) continuation before completing wave C (brown).
EUR/USD
4 hour
The EUR/USD indeed started and completed a wave 4 (purple) correction as expected last week. Price is now developing a bullish continuation within wave 5 (purple), which could complete a wave C (blue). A break above 1.13 invalidates the wave 2 (green) correction.
1 hour
The EUR/USD bounced at the Fibonacci levels of wave 4 (purple) and then broke above the resistance trend line (dotted red). A new 5 wave (pink) formation is most likely occurring within wave 5 (purple). The current pause could be a wave 4 (pink) as long as price stays above 61.8% Fib of wave 4.
GBP/USD
4 hour
The GBP/USD could be building a wave 1-2 (grey) but this depends on whether price is able to break below the channel. A break above the 100% level indicates the invalidation of wave 2 and the potential for an uptrend continuation.
1 hour
The GBP/USD break above the resistance (red) invalidates wave 2 (grey) whereas a break below the support (blue) could indicate a bearish breakout.
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GBP/USD Completes Reversal Pattern at 1.30 Resistance
GBP/USD
4 hour
The GBP/USD broke the support trend line (dotted green) of the bullish channel, which could indicate a potential bearish reversal or correction. The Cable was unable to break above the 1.30 psychological round level.
1 hour
The GBP/USD showed a lengthy consolidation zone but broke below several key support levels (dotted lines). This bearish break could start a wave 3 (orange) which would become more likely if price managed to reach 1.2825. A wave could emerge once the wave 3 is confirmed and completed.
EUR/USD
4 hour
The EUR/USD failed to break above the 1.1250 resistance zone so far which is a major decision zone for either a bullish breakout or a bearish reversal. The critical level is the 100% Fibonacci at 1.1268: a break above this resistance top invalidates wave 2 (blue) whereas a break above 1.13 invalidates another bearish wave 2 (green). A bearish reversal, however, could see price break below support (blue).
1 hour
The EUR/USD respected and turn at the 78.6% Fibonacci resistance. Price will now need to show new direction by breaking support (blue) or resistance (orange).
USD/JPY
4 hour
The USD/JPY is unable to break above the -27.2% Fibonacci target and could be building a bearish break (dotted blue) instead. Price will need to break below the support fractal (green) before a larger push could occur.
1 hour
The USD/JPY is could be in wave 3 (purple) if price manages to reach the 161.8% Fibonacci target.
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EUR/USD Builds Bull Flag Pattern or Bearish Channel
EUR/USD
4 hour
The EUR/USD failed to break above the 1.1250 resistance zone so far which is a major decision zone for either a bullish breakout or a bearish reversal. The critical level is the 100% Fibonacci at 1.1268: a break above this resistance top invalidates wave 2 (blue) whereas a break above 1.13 invalidates another bearish wave 2 (green). A bearish reversal, however, could see price break below support (blue).
1 hour
The EUR/USD seems to have completed a wave 2 (blue) but a break below the support trend line (blue) is needed before a wave 3 (blue) could unfold. A break above the resistance line (red) invalidates the current bearish wave structure. At the moment the EUR/USD is either building a bull flag continuation chart pattern or the start of a bearish reversal, which will depend on the direction of the breakout.
GBP/USD
4 hour
The GBP/USD broke below the support trend line (dotted green) and reached the 161.8% Fibonacci target of wave 3 (blue). Price could still fall towards lower Fib targets if price can extend its decline.
1 hour
The GBP/USD could be building a 5 wave (orange) expansion within wave 3 (blue). The wave 4 (orange) retracement Fibonacci levels could act as resistance but a break above the 61.8% makes 4th wave unlikely.
USD/JPY
4 hour
The USD/JPY is in a triangle formation with support (blue) and resistance (orange) nearby. A bearish break could see price fall towards the Fibonacci retracement levels of wave B (blue).
1 hour
The USD/JPY could be in wave 4 (purple) unless price breaks above the bottom of wave 1 (orange line).
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EUR/USD Bearish Breakout Starts Wave 3 Momentum
EUR/USD
4 hour
The EUR/USD has broken below the support trend line (dotted blue) which could kick start momentum within wave 3 (blue) towards the Fibonacci targets. A break above the resistance (red/orange) invalidates the wave 3 formation.
1 hour
The EUR/USD seems to be building a 5 wave extension (purple) within the 3rd wave (blue).
GBP/USD
4 hour
The GBP/USD is building a small correction but a break below support (green) could see wave 3 (blue) continue.
1 hour
The GBP/USD stopped and reversed at the 38.2% Fibonacci level of wave 4 (orange) as expected in yesterday’s analysis. A break above the trend line (orange) could see price challenge higher Fibs but a break above the 61.8% Fib makes a wave 4 unlikely.
USD/JPY
4 hour
The USD/JPY is in a descending wedge pattern with support (green) and resistance (orange) nearby. A bearish break could see price fall towards the Fibonacci retracement levels of wave B (blue).
1 hour
The USD/JPY broke below support (dotted blue) and completed a wave 4 (blue). Price remains in a 5th wave as long as it remains below resistance (orange).
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GBP/USD Wave-4 Pullback to 61.8% Fib Ahead of UK Elections
GBP/USD
4 hour
The British Pound weakened last week ahead of the UK elections which will take place on Thursday 8 June 2017. Some opinion polls are showing a shrinking lead for the current Prime Minister Theresa May of the Conservative party and a rebound for the Labour opposition party but a full week of campaigning still remains in front of the UK.
The GBP/USD channel (green lines) is a bear flag chart pattern and a potential bearish break could see price continue with wave 3 (blue). A bullish break above the channel, however, could change the wave structure.
1 hour
The GBP/USD completed an ABC (grey) correction at the 50-61.8% Fibonacci zone of wave 4 (orange).
EUR/USD
4 hour
The EUR/USD made a deep retracement back to the resistance trend line (red), which is a key bounce or break spot. A bearish bounce could confirm the current wave structure whereas a bullish break invalidates it.
1 hour
The EUR/USD stopped at the 78.6% Fibonacci resistance level and has reached a major bounce or break spot.
USD/JPY
4 hour
The USD/JPY could have completed a truncated 5th wave (orange), which means that wave 5 does not break the bottom (or top) of wave 3 (orange).
1 hour
The USD/JPY seems to have completed 5 internal waves twice (grey/purple) within wave 5 (orange). A bullish break above resistance (orange) could confirm the current wave structure whereas a break below support (green) invalidates it.
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EUR/USD Builds Higher High which Challenges 1.13 Resistance
EUR/USD
4 hour
The EUR/USD bounced at the support levels (green/blue) and showed one more bullish rally. The new higher high is challenging the 100% Fib level at 1.13 of wave 2 (green), which is a break or bounce zone.
1 hour
The EUR/USD is in a bullish trend channel (red/blue lines). The breakout direction above or below the channel could indicate the next trend direction.
GBP/USD
4 hour
The UK will hold general parliamentary elections on Thursday 8 June 2017. Find out everything you need to know to trade through the UK general election 2017.
The GBP/USD is building a corrective pattern which is indicated by the trend lines. A break above it invalidates the wave 3 (blue) whereas a break below support (green) could confirm it.
1 hour
The GBP/USD is building a smaller triangle (yellow/green) within a larger triangle (red/dark green).
USD/JPY
4 hour
<img src=“https://s24.postimg.org/463dt9up1/05-06-2017uj4.png”
The USD/JPY failed to break above the next resistance trend line (red) and turned strongly bearish during the NFP (Non-Farm Payroll) news event. The new lower low indicates that the wave 5 (orange) is still open.
1 hour
The USD/JPY needs to break below support (green) to complete wave 5 (orange). A break above the 61.8% Fibonacci level of wave 4 (purple) makes the wave 4 unlikely. In that case the wave 5 could have been completed at the recent low.
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GBP/USD Bullish Break Runs into Resistance ahead of UK Elections
GBP/USD
4 hour
The UK will hold general parliamentary elections on Thursday 8 June 2017.
The GBP/USD broke above the resistance trend line (dotted red) which invalidated yesterday’s bearish wave count and could make a bullish variant more likely although both support and resistance levels remain nearby.
1 hour
The GBP/USD broke out above the smaller resistance line (dotted yellow) and is now challenging the resistance top (red).
EUR/USD
4 hour
The EUR/USD is moving higher in a bullish trend channel indicated by the support (blue) and resistance (red) trend lines. The new higher high is challenging the 100% Fib level at 1.13 of wave 2 (green), which is a break or bounce zone.
1 hour
<img src=“https://s15.postimg.org/82q39duuj/06-06-2017eu1.png”
The EUR/USD is trying to break above the resistance trend line (dotted orange) but it has a major resistance zone (red) at 1.13 just above it. It remains to be seen whether price will break or bounce at 1.13.
USD/JPY
4 hour
The USD/JPY broke below the support trend line (dotted green) and is challenging the Fibonacci levels of wave B (brown).
1 hour
The USD/JPY indeed completed a wave 4 (grey) as indicated earlier this week and is building one more lower low via a wave 5.
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USD/JPY Close and Reverse Potential at 78.6% Fibonacci
USD/JPY
4 hour
The USD/JPY has reached the 78.6% Fibonacci level of wave B (brown) after breaking below the support trend line (dotted green). The 78.6% Fibonacci could act as a potential bounce spot for completing wave B (brown).
1 hour
The USD/JPY could have completed 5 waves (grey/purple) within wave C (orange). This particular wave scenario and market structure would become more likely if price manages to break resistance (red) with bullish price action.
GBP/USD
4 hour
The GBP/USD remains in a large consolidation zone (purple box) one day before the UK will hold general parliamentary elections (Thursday 8 June 2017). Find more information how to trade through the UK general election 2017 on the special event page. https://admiralmarkets.com/impact-of-uk-general-elections-2017-on-forex-market.
1 hour
The GBP/USD did not manage to break above the resistance top (red) yesterday and is now building an ascending wedge pattern (red/green). The break of the support (green) or resistance (red) could lead to a potential breakout.
EUR/USD
4 hour
The EUR/USD is moving higher in a bullish trend channel indicated by the support (blue) and resistance (red) trend lines. The new higher high is challenging the 100% Fib level at 1.13 of wave 2 (green), which is a break or bounce zone.
1 hour
The EUR/USD is in a bullish channel (blue/orange) but price is struggling to break above the key 1.13 resistance zone.
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